World Bank announces big package for Africa
By Godfrey Olukya 21-3-2017
The World Bank has announced a $57 billion financing package for sub-Saharan Africa over the next three years.
According to the world bank communication department, that money is meant to benefit several countries including Ethiopia, Rwanda, Kenya, Uganda, Tanzania, Burundi, the DR Congo, and South Sudan.
The money will be available from July 1, 2017, to June 30, 2020.
The World Bank’s chief Jim Yong Kim said, ”The funds will be directed towards expansion of programs in a number of sectors including agriculture, business, climate, clean water and sanitation.”
Kim who is about to visit Rwanda and Tanzania said he has hope that the funds will improve on the lives of the people in those countries.
International Finance Corporation (IFC) will reportedly provide $ 8 billion for private sector investment, International Bank for Reconstruction and Development will give $4 billion, while $45 billion will come from the International Development Association (IDA).
During the three years, the private sector investment is to prioritize infrastructure, financial markets and agribusiness. The IFC is also expected to deepen its engagement in fragile and conflict-affected states and increase climate-related investments.
IDA financing will build on a portfolio of 448 ongoing projects in Africa totaling about $50 billion. Of this, a $1.6 billion financing package is being developed to tackle the impending threat of famine in parts of sub-Saharan Africa and other regions.
“This represents an unprecedented opportunity to change the development trajectory of the countries in the region,” said Dr Jim Yong.